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Exam 37: Bankruptcy

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Question 1

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In a Chapter 13 bankruptcy,creditors cannot force a debtor into bankruptcy; nor can they vote to confirm or reject a plan of reorganization.

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Question 2

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Iris received a discharge under a Chapter 7 bankruptcy.She cannot receive another discharge under Chapter 7 for at least:

A) six years after the prior filing.
B) eight years after the prior filing.
C) ten years after the prior discharge.
D) She cannot file another Chapter 7, but could file a Chapter 11 or 13 bankruptcy.

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Question 3

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Creditor claims are divided into classes and the highest class must be satisfied in full before going to the next category.

Ramona has received a discharge in bankruptcy,but wants to reaffirm a debt to her sister.To be valid,the reaffirmation:

A Chapter 7 debtor's agreement to pay a creditor on a debt after receiving a discharge in bankruptcy is called a:

Artistic Framing,a business with $120,000 of unsecured debt,needs to file for bankruptcy,but wants to continue in business.Discuss what chapter of the Bankruptcy Code should be used,and discuss the effect of the 2005 amendment to the Code on the proceedings.

Shoe Sunshine,Inc.filed for bankruptcy protection under Chapter 11 and submitted a plan of reorganization within 120 days after filing for relief.Two of the classes of creditors voted against the plan.However,the bankruptcy judge considered the plan to be reasonable,achievable,and fair,and approved it in spite of these creditors' objections.This action by the judge is called a "cramdown."

Chapter 13 bankruptcy:

Bankruptcy is regulated by federal law.

Karen has filed for bankruptcy.Who has the authority to confirm or reject a plan of payment,and what factors will be considered when deciding whether to approve a repayment plan under Chapter 13?

Francesca cannot serve as a trustee in a bankruptcy case because she is not a lawyer.

Andy's business is not able to pay its debts,and the prospects for its finances to improve are slim.Andy decides not to continue the business.In this case,Andy should file a voluntary petition for which type of bankruptcy?

Peggy's credit card debts are mounting as her costs of insurance and fuel have dramatically increased and her income,from sporadic free-lance jobs,has dropped.Chapter 13 of the Bankruptcy Code will allow her to reorganize her debt while she keeps most of her assets.

Mark and Cynthia work for Bryson Supply Co.If the company files for Chapter 7 bankruptcy before paying their last month of wages and benefits,will they be able to recover anything from the company?

The Bankruptcy Code uses the term "bankrupt" to refer to a person who cannot pay his debts.

Which of the following cannot file a bankruptcy petition under the Code?

What are the three main purposes of the federal Bankruptcy Code? How are these purposes supported and fostered in the Code?

The correct order of payment of claims from the debtor's estate would be:

Under the federal Bankruptcy Code,the exemption amount for the debtor's personal residence is:

Under what circumstances might the court reject a debtor's Chapter 13 plan?